Anchor Property and Casualty Insurance Co. became licensed by the Florida Office of Insurance Regulation (OIR) on Oct. 28 to write homeowners insurance business in the state.
At the same time, the company has been approved to assume approximately 50,000 policies from Citizens Property Insurance Corp. starting in January, 2015.
The Bradenton-based company is a subsidiary of Anchor Insurance Holdings, which last month announced it entered into an agreement to purchase Beaumont, Texas-based Southeast Surplus Underwriters General Agency, Spindletop Premium Finance, and Ranchers and Farmers Insurance Co. from Mirage Interest Inc. The purchase is still awaiting regulatory approval.
Anchor said it has $35 million in capital to carry out its plans for growth in 2015.
Anchor is led by Mitch Sattler, chief executive officer, and Jennifer Pintacuda, chief financial officer, both with backgrounds in the Florida property insurance market. Most recently, the two served in the same capacity at Gulfstream Property and Casualty Insurance Co., where they grew the company in Florida and through expansion into other coastal states.
Gulfstream, which was first licensed in Florida in 2004, writes in Alabama, Louisiana, Mississippi and Texas in addition to Florida. Kerry Ford is currently listed as interim president of Gulfstream on Gulfstream’s website, which lists no CEO.
Sattler was also a catastrophe risk manager for RLI. Pintacuda has also worked at Universal North America and KPMG.
In addition to providing coverage to Citizens customers, Anchor plans to begin writing new homeowners policies in Florida by the end of 2014, according to Sattler.
“We’ll be providing more comprehensive long-term coverage options for many Floridians and more growth opportunities for our independent agent partners,” he said in a statement.
Anchor said it will offer homeowners, condo, renters and dwelling fire policies.
Anchor said its website will soon be available at www.RelyOnAnchor.com.
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